Which of the following is TRUE given the current bid-ask exchange rate quotes:

0.95-0.96 $/; 1.13-1.14 $/; 1.15-1.17/?

a) Arbitrage is not possible.

b) If you start with dollars, the only way to make arbitrage is to exchange currencies in the following direction: $ $.

c) If you start with dollars, the only way to make arbitrage is to exchange currencies in the following direction: $ $.

d) If you start with dollars, you can make arbitrage by exchanging currencies in any of the following directions: $ $ or $ $.